Economic system is replaced with system

Assignment Help Business Economics

Reference no: EM131099417

Consider that the current U.S. economic system is replaced with a system where everyone is paid exactly the same salary. Assume that each family would receive an equal share of GDP. Would you personally favor this system? Explain. What problems would exist? Who would benefit from this system?

Reference no: EM131099417

Questions Cloud

Goods or services are non excludable : Which of the following goods or services are non excludable? Justify your answer. a) police protection b) streaming music from satellite transmission programs c) roads d) primary education e) cell phone service.

An executive-search firm : An executive-search firm has shown that job search time and higher salaries are directly correlated. They have shown that for every $10,000 of additional compensation the search will take an additional month. Is a month spent in searching rather than..

Compare three ways to reduce the demand for heroin : Use economics to compare three ways to reduce the demand for heroin: the substitution of another, less dangerous, and less debilitating drug, such as methadone for heroin, to registered addicts; If expenditures on preventing crime equal $200 billion ..

What is the marginal revenue product of labor : Consider a small landscaping company run by Mr. Viemeister. He is considering increasing his firm’s capacity. If he adds one more worker, the firm’s total monthly revenue will increase from $54,000 to $66,000. What is the marginal revenue product of ..

Economic system is replaced with system : Consider that the current U.S. economic system is replaced with a system where everyone is paid exactly the same salary. Assume that each family would receive an equal share of GDP. Would you personally favor this system? Explain. What problems would..

Find set of equilibrium prices for the economy : Suppose an economy has four sectors, Agriculture (A), Energy (E), Manufacturing (M), and Transportation (T). Sector A sells 10% of its output to E and 25% to M and retains the rest. Construct the exchange table for this economy. [M] Find a set of equ..

Differences between a scanlon plan and a rucker plan : In two pages: What are the differences between a Scanlon Plan and a Rucker Plan? Which do you think would be more beneficial to employees? In general, do you think gainsharing plans are a good idea? Does your answer depend on whether or not a union i..

What ensures that the economy is in equilibrium : Equilibrium in our graph of AD and SRAS occurs where AD = SRAS. Unless otherwise specified, we assume that the economy rapidly moves to equilibrium. What ensures that the economy is in equilibrium?

Unexpected shifts in country money demand function : Use the GG-LL diagram to show how an increase in the size and frequency of unexpected shifts in a country's money demand function affects the level of economic integration with a currency area at which the country will wish to join.

User Account

All Pages